Best Webull Canada Review 2021

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Webull Canada Review
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Webull Review Rating: 4.1/5

As one of the stakeholders of the stock market, you need to appreciate the significance of fintech companies like Webull Canada.

Not all fintech companies are the same but one of such companies that are making waves in the finance and stock market niche is Webull Canada.

In this comprehensive review about Webull Canada, I tried to answer all questions about Webull, how it works, how to use it in Canada, and more.

Webull Canada Key Features

Before we go deep into this Webull Canada review, it’s important to highlight the key features that will be reviewed shortly:

Country of regulationUSA
Minimum deposit$0
Trading fees classLow
Inactivity fee chargedNo
Withdrawal fee amount$0
Time to open an account1 day
Demo account providedYes
Products offeredStock, ETF, Options

What Is Webull?

Webull is a zero-commission fin-tech company based in the US that was established in 2017 to revolutionize the investment process of American investors and Investors in other parts of the world.

Accordingly, this great fintech company is regulated by two major bodies, namely: the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Furthermore, with Webull, investors have different options for investing their money. Whether on an individual brokerage account or an IRA account (traditional, Roth, or rollover).

With the exception of mutual funds, bonds, or precious metals, Webull investors can trade exchange-traded funds (ETFs), stocks, the American Depositary Receipts (ADRs).

Designed with intermediate and experienced investors in mind, Webull provides technical indicators, margin trading, short-selling, economic calendars and research tools to its clients.

Webull, which has millions of clients across nine countries, is Robinhood’s major competitor in the US.

Therefore, as you keep reading this Webull Review, you will know what makes Webull unique.

Key Features of Webull

Here are the top features of Webull that should appeal to any investor:

  • Commission-Free Trade: Webull charges investors zero commission on trading US-listed stocks, ETFs and options.
  • Free Trading Tools: Webull provides investors with free trading tools for technical and fundamental analysis of their investment.
  • Multiple Account Types: Webull has multiple account options such as individual accounts (cash and margin) and IRA accounts (traditional, Roth, and rollover account).
  • Margin Trading: Webull provides margin interest from 3.99% to 6.99% for active and advanced traders.
  • User-Friendly: Webull app is flexible and can be accessed on a desktop or smartphone.

Webull Pros and Cons

Each trading platform has its pros and cons. Webull is not an exception. As such, the major emphasis here is to weigh the pros vs cons.

Here are the top pros and cons of Webull:


  • Commission-free trading
  • $1 minimum deposit
  • No account maintenance fees or software platform fees
  • Intuitive trading platform
  • Free real-time data
  • Full extended trading hours
  • Accessible on mobile, desktop and web platforms


  • Limited product portfolio
  • Fast and easy account opening
  • Only bank transfer for deposit/withdrawal
  • Does not support trading in mutual funds, bonds or OTC stocks

So from the above, you have a clue on why this Webull Canada review rated Webull 4.1 out of 5 stars.

Therefore, if you compare the above Webull’s pros and cons as 7 vs 4, you’re right.

However, that is not enough to conclude. As you continue reading, you will have a broader picture of my 4.1-star rating.

Let’s move!

Is Webull Available in Canada?

No, Webull is not yet available in Canada.

Webull is currently available in the United States, India, Brazil, Turkey, the Philippines, Malaysia, Japan, China, and Korea.

However, this doesn’t imply that you can’t use the Webull app. As you continue reading, you will learn about how to access and use Webull even in Canada.

When Webull is coming to Canada

Subsequently, I have identified two major zero-commission stock trading apps that serve as Webull alternatives in Canada. So you’ve nothing to miss!

Let’s ride on!

When will Webull Be Available in Canada?

As of the time of writing this Webull review, there’s no official information on when Webull will be available in Canada. However, two years ago, the company made it clear that they are making efforts to expand their services to Canada soon.

Consequently, Canadians looking for Webull benefits have to wait for its arrival or use other alternatives in Canada.

Therefore, you have nothing to worry about with the two major Webull alternatives that I have revealed in this Webull Review.

What Makes Webull Unique?

Based on the following features, you can see that Webull is unique in many ways. In addition to the above features, the community experience of Webull is seamless.

Webull Canada is also a sophisticated trading platform for intermediate and expert investors.

How Does Webull Make Money?

As one of the leading US Online brokerages, Webull makes money through various means. This includes:

  • Subscription fees.
  • Interest paid on margin.
  • Profits on cash on balance.
  • Order flow.
  • Short selling fees.

In the subsequent stage of this Webull Review, I shall explore the good and ugly parts of this zero-commission trading app.

Who Can Use Webull?

Any US investor or investors in Webull-supported countries looking for zero-commission are eligible to open a Webull account.

However, Webull is most suitable for the following investors:

  • Active traders
  • Intermediate and seasoned investors
  • Options traders
  • Cryptocurrency traders

Even though the intuitive interface and design of the Webull platform are not friendly for beginner investors, it’s learnable.

However, Webull provides a demo trading account, trading simulator, as well as a variety of trading courses. This simplifies the investing process for its users.

Moreover, these features can be advantageous for novice traders in understanding the stock market and in creating a trading strategy.

Webull Accounts

Webull has individual accounts (cash and margin) and IRA accounts. Let us take a brief examination of them.

1. Cash Account

A Webull cash account is a brokerage account whereby the investor is expected to pay the complete amount of their investment. That’s to say; investors must have sufficient cash in their account before executing trades.

Furthermore, investors in a Webull cash account must keep a close watch on settled and unsettled funds.

2. Margin Accounts

A margin account enables investors to use both their cash and existing securities to make additional investments. It’s important to note that a margin account is riskier compared to a cash account.

However, a margin account enables investors to optimize their investment return, which can as well significantly magnify their losses.

3. Individual Retirement Accounts (IRAs).

Webull allows eligible investors to open Individual Retirement Accounts (IRAs), which include  Traditional, Roth, and Rollover accounts. Investors can choose from a wider variety of investment opportunities when they open an IRA.

Also, with Webull IRAs, investors can trade ETFs and stocks with excellent investment flexibility.

How Do I Withdraw Money from Webull?

Here are the steps for withdrawing money from Webull:

  • Login to your Webull mobile app and tab the Webull logo
  • Click “Transfers”
  • Press “Withdraw”
  • Indicate the amount your want to withdraw

It can take up to 2 business days to Complete Webull withdrawal.

How Do I Buy Stock on Webull?

After creating a Webull account, all you need is to:

  • Transfer funds to your account either (either through direct deposit or wire transfer).
  • Navigate to “Watchlists.”
  • Choose your stock.
  • Get a stock quote.
  • Pick a trade.
  • Make an order.

How to Use Webull in Canada

Even though Webull is not yet available in Canada, you can still use it. How? You can use the Webull app to do research, track stocks, and do paper trading.

However, you can’t use the Webull Canada app to open an account and deposit money in Canada.

Webull Canada Review: My 5-Star Rating

Here are the seven factors that determined the 4.1/5-star rating of this Webull Canada review:

Research Tools**** (4.2)
Safety**** (4.5)
Markets and Products***
Trading Platform**** (4.3)
Fees**** (4.7)
Customer Service***

Research Tools

Webull provides its clients with simple research tools for fundamental and technical analysis.

However, the charting tools are not cutting-edge, and the news flow needs to be improved.


Webull provides users with a demo account and access to some high-quality educational material.


Webull is regulated by superior financial regulators who ensure investor safety at a high level.  However, since it is not a listed company, it does not disclose financial reports.

Markets and Products

Webull’s product offering is limited to US-based ETFs, stocks, and options. Webull has no common asset bonds, funds and forex.

Trading platform

Webull provides an intuitive web trading platform that is perfect for beginners, intermediate and seasoned investors. It can be used on desktops and smartphones.

However, the Webull web trading platform has no two-step authentication.


Webull has zero commission fee for ETFs, stocks and options trading. It also has some of the lowest trading fees in the stock market.

Additionally, Webull ACH transfers and inactivity attract no fee. However, expect high fees on wire transfers.

Customer Service

Webull’s message center is excellent. However, it needs to improve on its customer support, especially on phone support, which is sometimes difficult to access.

Moreover, my Webull Review is positive.

2 Great Webull Alternatives for Canadians

Congratulations on making it to this stage of my Webull Review. Here I will be letting the cat out of the bag by exposing the two great alternatives to Webull in Canada.

Let me start by first confessing that in Canada, there is no trading platform that can be compared perfectly with Webull as regards its unique features.

However, Wealthsimple Trade and Questrade have some similar features, making them outstanding Canadian alternatives to Webull.

Subsequently, we will examine them one after the other:

1. Wealthsimple Trade

Wealthsimple Trade, Canada’s only zero-commission trading platform for stocks and ETFs, is the closest alternative to Webull in Canada.

Comparably, unlike Webull, Wealthsimple Trade has no minimum deposit or minimum balance for trade commencement.

Therefore, when you make a deposit of $100 minimum on your Wealthsimple Trade account, you will receive a $25 welcome bonus.

Here are the pros and cons of Wealthsimple Trade:

Wealthsime Trade Pros

Wealthsimple Trade Cons

  • Zero-commission trading for stocks and ETFs
  • Compatible with desktop and mobile devices
  • Easy to use
  • Crypto-trading eligibility
  • Zero minimum account balance
  • Zero monthly/inactivity fees
  • 24/7 online support
  • Minimal research options
  • No trading of bonds, mutual funds, bonds, or options
  • 1.5% exchange fees when trading USD stocks
  • Can’t hold, deposit or withdraw USD
  • Limited account offerings (brokerage, TFSA, RRSP)


So how to open a Wealthsimple Trade account? All you need is to visit Wealthsimple Trade sign-up page and fill in your details.

2. Questrade

Questrade is the next alternative to Webull in Canada after Wealthsimple Trade. This is a zero-commission ETF trading platform with low fees.

However, unlike Wealthsimple Trade, you need to make a deposit of nothing less than $1000 before you can begin trading. This comes with a $50 bonus.

Furthermore, Questrade has grown in popularity among seasoned Canadian because of its robust charting and research tools.

Here are the pros and cons of Questrade:

Questrade Pros

Questrade Cons

  • Zero-commission on ETF (charges from $4.95 to $9.95 when you sell)
  • Low fees
  • Research tools
  • Compatible with desktop and mobile devices
  • Self-Directed accounts (RSP, Margin, TFSA, and Forex & CFDs)
  • Excellent customer service
  • Unlimited free ETFs purchase
  • Ease of use
  • Minimum $1000 to start trading
  • Commissions charged for ETF sales and all other tradings
  • No crypto trading
  • Limited research options
  • Inactivity fee on zero trade per quarter and on not meeting account minimums


To get started, visit Questrade sign-up page and open an account,

Take Away on Webull Review

Yes, you have it all from my Webull Canada review. Webull is not yet in Canada, but that’s not the end of the world.

Besides, as Webull continues to expand its frontiers rapidly, there is hope that sooner or later, Canadians will also be eligible to tap from its unique offers.

But that’s not to say that there are no great alternatives to Webull in Canada that can have some comparative advantage.

However, whether you choose to open a Wealthsimple Trade account or a Questrade account, you have nothing much to lose from as regards the features of Webull vs Wealthsimple Trade vs Questrade.

Most specifically, unless you have an interest in crypto-trading or want all-around zero-commission (on stocks and ETFs trade), or you have high consideration on account fees.

Consequently, you should limit your alternative options to Wealthsimple Trade.

Moreover, your financial situation, investment objective and risk tolerance should be the ultimate factors in determining your perfect investment vehicle.

All the best!

FAQs on Webull Review

Is Webull Canada Safe?

Yes, Webull is really safe. It’s regulated by superior bodies such as the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Also, Webull offers investors protection up to $500,000 plus a cash limit of $250,000. This additional cash limit is offered by Securities Investor Protection Corporation’s (SIPC).

In Which Countries is Webull Supported?

As of the time of writing this review, Webull supported only the following nine countries:

  1. United States
  2. India
  3. Brazil
  4. Turkey
  5. Philippines
  6. Malaysia
  7. Japan
  8. China
  9. Korea
Can I use Webull in Canada?

Yes, you can still use the Webull app even though you’re not eligible to open an account yet.

Accordingly, all you need is to download the app on your smartphone or desktop and start using its free research tools, track stocks, and do paper trading.

Does Webull Give Free Stocks?

Yes, from February 02, 2021, to December 05, 2021, Webull promises new Webull brokerage account users a free stock that is worth $2.5-$250 in value.

Additionally, Webull gives a free stock that is worth $8-$1600 in value when a user makes an initial deposit of $100 and above.

Is Webull Only for the USA?

Webull is not only available in the USA. It is also available in China, India, Japan, Brazil, Korea, the Philippines, Turkey and Malaysia.

Is Webull Good for Beginner Investors?

Webull Canada has sophisticated tools that make it more suitable for intermediate and seasoned investors. However, its intuitive platform makes it learnable.

Can You Trust Webull?

Yes, you can trust Webull because top-tier financial authorities regulate. Your deposits are also covered up to $500,000 investor protection.

The Securities Investor Protection Corporation’s (SIPC) also protects your Webull deposit up to $250,000.

Is Webull a Chinese Company?

Yes, Webull is owned by a Chinese Company known as Hunan Fumi Information Technology Co.

Which is Better Robinhood or Webull?

Webull and Robinhood are all great online brokers in the US.

But Robinhood is more suitable for beginner investors, whereas Webull is more suitable for intermediate and seasoned investors.

Is it Safe to Give Webull SSN?

Your social security number is safe with Webull.

This is because Webull is regulated by the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Also, your deposits on Webull are protected up to $750,000.

What Happens if I Delete My Webull Account?

After you deleted your Webull account, your details and trading history will remain in Webull servers for tax purposes.

But there’s no cause to worry since nothing new will happen in your account because it’s no longer active.

Does Webull Affect Credit Score?

No. Webull doesn’t affect your credit score. It only runs a “soft inquiry” through your credit history to verify your details. This will not reflect on your credit report or affect your credit score.

Is Webull Better than Etrade?

It depends on what you’re looking for. If you’re looking for a more sophisticated broker, Etrade may be your best option.

But if you’re more concerned about research tools and data, consider Webull.

Does Webull Report to IRS?

Yes. Like other financial institutions, Webull also reports to the Internal Revenue Service (IRS).

Is Webull Better than Fidelity?

If you’re looking for a beginner-friendly broker with research reports, Fidelity is the best. But if you’re more concerned about commission-free trade, then Webull may be ideal.

Should I switch from Robinhood to Webull?

If you’re an intermediate or experienced investor, you can switch from Robinhood to Webull. However, if you’re a beginner investor, Robinhood may be the best option for you.

Is Webull Good for Long-Term Investing?

If you’re looking for a long-term portfolio, you should consider Webull alternatives.

Can I Buy Dogecoin on Webull?

Yes. Webull recently announced that its users can now trade Dogecoin. Click here for more information.

Why Do I Have No Buying Power Webull?

You don’t have buying power on Webull when you have a Good-Faith Violation (GFV).

This happens when your Webull account liquidates stocks that you bought with unsettled funds.

Should I Use Webull for Crypto?

If you’re a beginner crypto trader, you should use Webull.

You can use Webull to buy and sell your chosen cryptocurrency without trading costs. Available cryptocurrencies on Webull include:

  • Dogecoin (DOGE)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • ZEC (ZEC)
  • XLM (XLM)
What Free Stock Did Webull Give You?

You may receive up to 2 free shares of stocks when you sign up on Webull. Also, when you deposit $100 and above, you may receive additional 2 stocks.

How Long Does it Take to Withdraw Money from Webull?

Webull withdrawal duration takes 1-5 business days. But if you deposit your money through wire transfers, your withdrawal duration will be 1 trading day.

Does Webull Have Hidden Fees?

No. Webull is truly committed to its zero-commission promise, so it has no hidden fees.

Does Webull Really Give Free Stock?

Yes, Webull gives free stocks, but there’s no guarantee. According to Webull, you have a 1/100 chance of getting free stock besides the 2 free stocks when you deposit $100 and above.

Which is Better Webull or Coinbase?

Webull is better than Coinbase in terms of fees. But if you want to trade crypto coins, Coinbase is the best.

Why is Webull So Complicated?

Webull seems complicated to beginner investors because its trading platform is more attractive to intermediate and expert investors.

How Much Does it Cost to Withdraw Money from Webull?

If you use ACH transfer, Webull will not charge you withdrawal fees.

But if you use wire transfers and are a domestic client, a $25 withdrawal fee applies. International clients are charged a $45 withdrawal fee.

Can I Withdraw Bitcoin from Webull?

You can’t withdraw bitcoin from Webull at the moment. You can only buy and sell bitcoin or other cryptocurrencies on Webull.

Does Webull Give You Instant Cash?

Yes, Webull gives you instant cash before your deposit is completed. You can use instant cash to start trading immediately.

Why Can’t I Withdraw Money from Webull?

It depends. If you make a deposit through Webull ACH, it will remain in your account at least for 7 business days before you can withdraw.

But Webull wire transfers have no withdrawal holding period.

Why is My Cash Balance Negative on Webull?

Probably because you’re not using settled cash but credit. Your cash balance will change when the deposit settles after five trading days.

Is it Bad to Have a Negative Cash Balance on Webull?

Yes, it may affect your ability to execute a trade. This is because you may not have sufficient balance to trade.

How Do You Avoid Gfv Webull?

All you need to avoid a GFV is to retain the XYZ shares in your position until Wednesday.

How Much Money Can You Deposit on Webull?

The maximum amount you can deposit daily on Webull is $50,000.

How Long Do Webull Deposits Take?

Webull deposits take 4 – 5 business days to complete. However, you will be provided with provisional credit that you can use to trade immediately after deposit.

How Do I Unlink My Bank Account from Webull?
  • Login to your Webull account.
  • Navigate to “Account.”
  • Click “My Bank Account.”
  • Click the account you want to unlink.
  • Press “Unlink.”
  • Confirm your decision.
Can I Change Bank Accounts on Webull?

Yes. All you need is to follow these steps:

  • Log in to Webull.
  • Navigate to the homepage.
  • Click “Account.”
  • Click “My Bank Account.”
  • Tap “Change Account.”
  • Follow the instructions to link your new bank account.
Does Webull Have Automatic Deposits?

Webull doesn’t currently support automatic deposits.

Can You Day Trade on Webull?

Yes. You can do day trading unlimited with $25,000 and above net value in your account.

Can I Transfer Stocks out of Webull?

Yes. You can transfer stocks out of Webull, but $75 charges apply for each transfer.

How Do You Get 2 Free Stocks on Webull?

You may get 2 free stocks on Webull when you sign up.

You will also get 2 free stock shares when you deposit $100 or more to your account.

Finally, if you have more questions related to this Webull Canada Review, let me know in the comment section.

Webull Canada Review
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